Mercer Advisors adds $364M RIA in its third deal of 2018

Mercer pushes total assets over $12 billion as it expands presence in the Southeast.

Feb 13, 2018 @ 1:54 pm

By Jeff Benjamin

Mercer Advisors has pushed its assets under management above the $12 billion mark with its latest acquisition of Clearwater, Fla.-based GFS Private Wealth.

GFS, which has $364 million under management, represents the third acquisition this year for Mercer Advisors, the parent company of Mercer Global Advisors based in Santa Barbara, Calif.

The addition of GFS gives Mercer a stronger foothold in the southeastern U.S. market as well as additional resources for family office and estate planning services, according to Daniel Seivert, founder and CEO of Echelon Partners.

"This is a great pickup for Mercer, because Florida is a great market," he said. "This will give them access to some higher-net-worth clients."

David Barton, Mercer vice chairman in charge of M&A activity, said the GFS business model "mirrors ours in that they officer family office services geared toward high-net-worth families seeking a one-stop solution to all their financial needs."

He added that the deal also helps address the industry's talent shortage by folding in GFS founders Greg Willsey and Sandra Nesbit.

Adding the duo's "leadership and financial planning acumen to our organization is extremely valuable," Mr. Barton said. "This is true of their entire team which, together with our Tampa office, presents a formidable opportunity we fully intend to grow."

David DeVoe, managing director of DeVoe & Co., said the Mercer platform is "attractive to advisers in today's environment."

"Firms that attach their caboose to the Mercer train immediately benefit from the power of a $12 billion RIA," he said. "With access to a broad set of capabilities and services, clients should be sticker and the sales process with prospects should be easier."

Mr. DeVoe added that the Mercer deal brings to 20 the total number of RIA transactions so far this year, which compares to 16 at the same point last year.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

Financial health of advisory firms is excellent. Or is it?

Deputy editor Bob Hordt and senior columnist Jeff Benjamin discuss the fact that double-digit growth in revenue and assets doesn't necessarily spell a rosy future.

Latest news & opinion

Don't be fooled by the numbers — the industry is in a dangerously vulnerable state

Last year's stock market gains helped advisers turn in solid growth in assets and revenue, but that growth could disappear in the next market downturn.

Divided we stand: How financial advisers view President Trump

InvestmentNews poll finds 49.2% approve of his performance, while 46.7% disapprove. How has that changed over the course of his presidency?

10 states with the most college student debt

Residents of these states have the most student debt when you consider their job opportunities.

Ex-Wells Fargo brokers sue for damages, claiming they lost business in wake of scandals

In a Finra arbitration complaint, two brokers allege that Wells Fargo's problems damaged their business.

Dawn Bennett found guilty of $20 million Ponzi scheme

Jury took less than five hours to convict the former financial adviser and radio host.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print